Calculate the simple interest earned on an investment of $1560 at 3% per year for 5 years. Give the answer to the nearest cent.

Question

Calculate the simple interest earned on an investment of $1560 at 3% per year for 5 years. Give the answer to the nearest cent.

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Phúc Điền 5 years 2021-07-20T15:13:49+00:00 1 Answers 15 views 0

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  1. Amity
    0
    2021-07-20T15:15:47+00:00
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    9514 1404 393

    Answer:

      $234.00

    Step-by-step explanation:

    Simple interest is computed using the formula …

      I = Prt

    when principal P is invested at annual rate r for t years.

      i = $1560×0.03×5 = $234.00

    The interest earned is $234.00.

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